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inflation rate is 2% per year Suppose your daughter is 10 years old, and you are planning to open an account to provide for her

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inflation rate is 2% per year
Suppose your daughter is 10 years old, and you are planning to open an account to provide for her college education. Tuition for a year of college is now $15,000 and is expected to increase annually around a rate of inflation. You have saved $8,000 available to invest. What interest rate would you need to be able to pay for your daughter's first year of college eight years from now? (15 pts)

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